Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-05-05
AWAITING MESSAGE
D1Br CoHFgHRHss TAKE A RECESS
UNTIL SATURDAY.
Meanwhile Msssrs. fhorntsn and Braitn'
waite Will Cable TO the Bond
holders Council.

Meanwhile Msssrs. fhorntsn and Brsitn-
waite Will Cable to the Bond
holders Council.
The debt conferrees we're IN session
at the Allen house yesterday morning
from 10 to IL and yesterday afternoon
from to 5, when they adjourned to
meet on Saturday, unless sooner called
together. Meanwhile it is expected
that Messrs. Thornton and Braithwaise
will cable the Virginia Committee OF
the Council of Foreign Bondholders IN
London, giving the results OF the de-
hberations so far and asking for further
instructions.
THE VEIL PARTLY RAISED.
The obligations of secrecy were re-
moved from members OF the legislative
committee to the extent that they may
communicate, in confidence, with any
OF their friends who are members OF the
General Assembly.
No provision was made for furnish
| ing any information to the press, the
COMMITTEE being of the opinion, no
doubt, that as the reporters had man
aged to get all important details so far
they would not fail 50 to doin the future.
WHERE WE DIFFER.
The Legislative committee night be-
fore last unanimously agreed upon a
resolution (Which they yesterday morn
inc submitted to Messrs. thornton and
| Braithwaite), in substance that disre-
| gsrding for the present all other ques-
tons, we entertain no hope for sue
cessful negotiation of settlement, as
the commissioners for the foreign bond
holders do not accept our estimates OF
the amount of the public revenue
(which is approximated at 1864, ,000) for
| the payment Of interest on the public
debt.
| THE EMBELLISHMENTS CONTENTION.
The statements made to the Governor
and to the Legislative committee by the
| financial officers show that the net reve-
| nues of the State are about $3.50, 900.
| This is only enough to pay per cent.
on $22, 600 ,000-that is to say, carry out
the Rlddleberger bill.
Messrs. Thornton and Braithwalte
have presented to the Legislative com
mittee elaborate tables to maintain
their assertion that the net revenue
ought to be and can be made 81, 200, 900.
TO this end they point out errors In
the official statement of our Auditors,
and urge that reductions can and should
be made in the appropriations for
schools, disabled soldiers, lunatlc asy-
lums, and governmental expenses.
| They pointedly insist that the debt IS
a superior obligation TO the schools.
| They have presented their views on
all these matters with as much delicacy
as possible consistent with their posi-
ton; but they firmly declare their
conviction that Virginia should, if ne
cesssry, make sacrifices to provide for
her debt.
WHAT THEY ASK.
When the time came for making pro-
positions the Virginia committee pro-
posed the Riddleberger bill and the
Englishmen proposed 4 per cent. on
the principal of the consol debt, and 3
per cent. on the principal of the Nc
Culloch bonds-the past-due coupons
TO be capitalized. They left it to the
General Assembly to say what provision
should be made for the peelers, &c.
THE UPsHor or IT.
The consol debt is over $4,000, 900
and the McCulloch over $1,000, ,OO).
The legislative committee informed
the Englishmen that such bill would
he impossible OF acceptance that to
carry it out meant either the annihila-
tion of the public-school system or the
increase of taxation, and that they could
| not give it serious consideration.
Messrs. Thornton and Braithwaite
we're equally positive in assuring the
legislative committee that the Riddle
berger bill could never be accepted by
the bondholders also, that in any set
tlement they would expect to receive
tax-receiyable coupons On the bonds.
IT WON'T DO.
The most liberal men on the COM
mittee and the best friends OF the bond
holders in this city have said to Messrs.
Thornton and Braithwaite that it would
be a hopeless task to persuade either
the Legislature or the people to accede
to anv such terms as are outlined above,
and the commissioners are probably
convinced of the fact.
So far the deliberations have gone.
So far it seems that there is no proba-
biity of settlement being reached ;
but though very anxious to report the
results of their labors to the General
Assembly, the committee agreed to
wait until Saturday, so that Messrs.
Thornton and Braithwaite may in the
mean time communicate with their
principals across the water, or with any
other persons, and if on Saturday they
are prepared to make another and more
liberal proposition, it will be received
and submitted to the two houses.
With some there is a faint hope,
rather than expectation, that the Eng
lish commissioners will come to terms
but with the great majority of mem
bers of the General Assembly there is
belief that the conference is or will
be failure that it will never be pos
sible to negotiate settlement with the
bondholders upon the terms of the
Riddleberger bill or anything like it.
THE RECORD.
The legislative committee will hold a
meeting at the Allen house this morn
ing for consultation among themselves.
They are anxious that the record shall
show them to be in the right, and there
is little doubt that SO it will appear to
the Virginia public.
Sir Edward Thornton and Mr.. Braith-
waite are also very careful on the same
point. They consider that they are
fortified in every proposition or state
; ment that they have made, and from
time to time they have quoted directly
from large number Of official papers
of the State. So the stenographic re-
port has already grown into volume
Of considerable size, and will no doubt
: become much larger before the confer
ence is absolutely terminated and re-
port made to the two houses.
REsTLEssSEss.
The weather is intensely hot for May
Most of the Legislators are here wearins
their winter clothes. The halls are
close, crowded, and uncomfortable, anc
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